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Life events take place throughout our lives. Regardless of when life events happen it’s good to have a financial plan ready to help with the change.
A financial plan doesn’t mean you have to have hundreds of thousands of dollars sitting in a savings account just waiting for an exciting life event to happen. However, a financial plan does help to ease a financial transition.
Below is a list of 9 exciting life events that influence you to financially plan.
Children
Having a child adds expenses to your regular finances. The transition of having a child or adopting a child is a huge one!
Bringing a child into your family is an exciting life event! To love and care for a child is an emotion and responsibility unlike any other.
Pregnancy and adoption expenses include:
Doctor Visits
Vitamins and Other Necessary Prescriptions
Adoption Costs
Maternity Clothes
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Look at your monthly budget and determine where your household monthly income stands now!
Divorce
Divorce is not a usual planned life event. It is a hardship and loss many people experience. However, divorce is a new beginning and in most cases a lifestyle change.
When going through a divorce, divorce lawyers are normally sought out to complete the process.
Divorce lawyers charge for their consultations and time.
Other added expenses for divorce are:
Mediation
Filing Paperwork
Court proceedings
Education
Knowledge is power so whether you use your education to pursue a career or just to better yourself, I commend you.
Education is a major cost and takes a large chunk out of your wallet once the diploma is in your hands.
Consider some of the following opportunities to help cut costs:
Apply for FASFA
Apply for Scholarships
Look for Education Breaks in Your State
Ask Your Employer About Tuition Assistance
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Employment Changes
Are you getting a raise, have you lost a job, or are you getting your hours cut at work? Whatever the case, your income is going to change.
Although, when you first lose a job it does not feel like an exciting life event, but sometimes when a loss of job or income happens it forces us to make changes we need.
Look at it as getting the chance to apply for jobs you never had the nerve to apply for or make a change from one type of profession to another.
If you are getting a raise then you need to figure out where that added income needs to go. Is this extra money you can set aside for savings, a vacation fund, or retirement.
When there is a loss of income, look to your savings account to help during difficult times. The next step would be to look for another job or earn extra income by creating a side hustle.
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Marriage
Dependent upon your relationship, most couples go into a marriage with the same goals in mind.
Newlywed couples are normally excited about spending the rest of their lives together; therefore, short term and long term goals are discussed frequently.
One added bonus to two people in love is the possibility of having two incomes.
Marriage is a life event that keeps on changing!
Marriage expenses include:
Engagement Ring
Engagement Party
Bachelor Party
Bachelorette Party
Rehearsal Party
Wedding Rings
Reception
Wedding Dress
Tuxedo
Gifts for Bridesmaids
Gifts for Groomsmen
Mortgage or Rent
Exciting life events involve looking for a new place to live. Most people don’t do this often in their lives and some only move a few times in their lifetime.
When you buy or rent a place to call home renters insurance or homeowners insurance is essential.
Other expenses to consider are:
Closing Cost
Down Payment
Property Taxes
Utilities
Yard and Home Upkeep Expenses
Relocating
People move for all sorts of reasons. People move to follow a career, for schools, affordability, and other various reasons.
If you are moving because of a job then find out how much your employer will cover.
Some moving expenses include:
Moving Truck
Movers
Moving or Shipping a Vehicle
Down Payment
Utilities Startup for New Apartment or Home
Utilities Shutdown on Apartment or Home You are Leaving
Retirement
We all work for the important time in our lives that we call retirement. Retirement is a major financial turning point. All you’ve saved and worked for will be budgeted and planned out for your remaining years.
It is encouraged to start saving and planning for retirement as early as possible.
Find out what type of retirement options your employer has to offer. Think about investing in an IRA or talk to a financial planner on how to best save for your retirement.
Vacation Home
Vacation homes can create a getaway for all you hard workers. Purchasing a vacation home creates added debt to your finances. Think about buying a home x2.
Furthermore, be sure to inquire about property taxes, utilities, and property management companies in the area you want to vacation in.
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